GlaxoSmithKline Reports Second Quarter Loss

According to the Associated Press, GlaxoSmithKline reported a loss of 304 million pounds ($464 million) for the second quarter as the company absorbed a hit of 1.57 billion pounds ($2.4 billion) for settling lawsuits. The loss for the three months ending June 30 compares to profit of 1.34 billion pounds in the first quarter. Revenue of 7.025 billion pounds was 4 percent higher than a year earlier. Excluding major restructuring costs, the company said it reported a profit of 130 million pounds compared to 1.57 billion pounds a year earlier. GlaxoSmithKline announced last week that it was taking a charge against second-quarter earnings for the costs of settling court cases over the antidepressant Paxil and diabetes drug Avandia, and other provisions for long-standing legal cases which also include an investigation of its facility in Cidra, Puerto Rico.